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May 31, 2024
Nigerian Fintech's Execs Sued Over Alleged Company Fraud
The current and former top brass of Nigerian fintech company Tingo Group Inc. have been hit with a derivative suit in New Jersey federal court over revelations of fraud at the company, which has led to other litigation, including actions launched by the U.S. Securities and Exchange Commission and the U.S. Department of Justice.
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May 31, 2024
Chinese Nationals Nabbed In $12M Counterfeit Apple Scam
The U.S. Department of Justice announced Friday that five Chinese nationals are accused of running a massive scheme to return thousands of counterfeit iPhones, iPads and other Apple products in exchange for genuine devices, costing the tech company at least $12.3 million in losses.
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May 31, 2024
Frank Execs Must Keep Fighting JPMorgan Fraud Indictment
A New York federal judge has refused to throw out an indictment accusing two former executives of a student financial aid startup of tricking JPMorgan Chase & Co. into a buyout, according to an order filed Friday.
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May 31, 2024
T-Mobile Gets Investor Data Consolidation Suit Tossed In Del.
T-Mobile US Inc. has escaped a shareholder suit claiming its board centralized customer data to enrich its corporate parent, which resulted in compromised data security and cyberattacks, with a Delaware vice chancellor saying the suit only shows that T-Mobile and its parent company centralized the data to make it easier to access and nothing more.
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May 31, 2024
Employment Authority: A Look Into EEOC's Bias Charge Spike
Law360 Employment Authority covers the biggest employment cases and trends. Catch up this week with coverage on potential reasons why the Equal Employment Opportunity Commission saw an uptick in color-based bias charges in fiscal year 2023, an interview with go-to appellate attorney Daniel Geyser about arbitration and experts' anticipation of a fight over the renomination of the National Labor Relations Board's chairman.
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May 31, 2024
Martinelli & Co. Sued Over Arsenic In Apple Juice
A consumer hit S. Martinelli & Co. with a proposed class action in New York federal court Friday over allegations that the company failed to disclose that its apple juice contains arsenic, saying a recent recall campaign has been "a complete and abject failure."
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May 31, 2024
Kioti Execs Siphoned $7.7M Through Service Scheme, Suit Says
Former executives for the maker of Kioti tractors and mowers siphoned away nearly $7.7 million from the company through an exploitative and self-dealing scheme with a financial services business, the manufacturer said in a North Carolina Business Court complaint filed Friday.
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May 31, 2024
Real Estate Recap: Courthouse Facelifts, Appraisal Bias
Catch up on this week's key developments by state from Law360 Real Estate Authority — including how federal money will refresh seven courthouses around the country and what Freddie Mac's former multifamily appraisal chief thinks about appraisal bias and market distress.
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May 31, 2024
Orrick's $8M Deal To End Data Breach Claims Nears Prelim OK
A California federal judge indicated Friday that she'll preliminarily approve Orrick Herrington & Sutcliffe LLP's $8 million deal to end putative class claims over a 2023 data breach that purportedly exposed personal information for 638,000 individuals, but said the "very broad" scope of the settlement's release "raised my eyebrows."
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May 31, 2024
Vape Co. Can't Toss Breeze Smoke's Claims In IP Row
An Illinois federal judge has rejected vape pen maker Midwest Goods' bid to throw out counterclaims that it infringed competitor Breeze Smoke's trade dress and a design patent, while also denying a bid from Breeze Smoke for a preliminary injunction.
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May 31, 2024
Monthly Merger Review Snapshot
The U.S. Department of Justice sued to unwind the 14-year-old merger between Live Nation and Ticketmaster, while the Federal Trade Commission advanced pending challenges of a grocery megamerger and deals in the healthcare and designer fashion space. Here are some of the major merger review developments from May.
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May 31, 2024
Musk, Tesla Board Face Suit Over Insider Trades, SEC Order
A Tesla stockholder has launched a derivative lawsuit in Delaware's Chancery Court seeking damages from co-founder Elon Musk and seven company directors over Musk's sales of more than $7.5 million in shares in late 2022, accusing the billionaire of leveraging insider information and flouting a six-year-old federal consent agreement.
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May 31, 2024
DOJ Slams Apple's Planned Bid To Dismiss Antitrust Suit
The U.S. Justice Department has hit back against Apple's proposed bid to exit the department's antitrust suit claiming that the company is monopolizing the smartphone market, arguing that the technology giant ignores "well-pleaded facts" and misinterprets the law.
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May 31, 2024
How Trump's Hush Money Sentencing Could Get 'Dicey'
Now convicted of nearly three dozen felonies, former President Donald Trump must move through the machinery of the New York state court system's sentencing process, which involves sitting down for an interview with a probation officer and a chance to directly address a judge he's called biased and "corrupt."
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May 31, 2024
Kroger's $6M BIPA Deal With 6K Workers Gets Final OK
An Illinois federal judge granted final approval to a class of about 6,000 Food4Less employees on their $6 million settlement resolving claims Kroger Co. subsidiary Ralphs unlawfully stored and used their biometric data after requiring them to scan their fingerprints to clock in and out of their shifts.
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May 31, 2024
Ex-CFO Gets 2 Years For Embezzlement Scheme
A former chief financial officer in North Carolina was sentenced to two years in prison after he admitted to embezzling hundreds of thousands of dollars from his employer and cooking the company's books to disguise the fraud, U.S. Attorney Dena J. King announced Thursday.
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May 31, 2024
Off The Bench: NCAA Transfers Freed, Atty Plays Cards Right
In this week's Off the Bench, the NCAA agrees to more historic rule changes while experts examine its post-House settlement future, and a patent lawyer looks back at his transformation into a poker champion.
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May 31, 2024
Lindell No-Shows Amid Solvency Concerns In Sanctions Fight
Attorneys for My Pillow CEO Mike Lindell were nowhere to be found Friday as a D.C. federal judge mulled how much they should pay in sanctions for counterclaims in election company Dominion's ongoing libel suit, saying he'd likely set an amount in the coming weeks.
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May 31, 2024
GC Cheat Sheet: The Hottest Corporate News Of The Week
Consumers have asked a federal judge to sign off on their $197 million class action settlement with Visa and Mastercard over claims the companies conspired with banks on ATM access fees. And Microsoft's President Brad Smith is going to tell Congress about what the company is doing to upgrade cybersecurity, including linking executive pay to it.
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May 31, 2024
Beasley Allen Wants J&J Subpoenas Nixed Amid Ethics Fight
The Beasley Allen Law Firm and a plaintiff steering committee in the Johnson & Johnson talc litigation blasted subpoenas directed at the firm and others aimed at turning up evidence of an alleged scheme to muster opposition to J&J's latest $6.5 billion bankruptcy plan.
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May 31, 2024
Snell & Wilmer Hires 2 Armstrong Teasdale Attys In Denver
Snell & Wilmer announced Friday it expanded its team in Denver with the addition of a pair of lawyers from Armstrong Teasdale LLP, one a litigator and the other a corporate attorney.
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May 31, 2024
Former Allstate Lawyer Settles Disability Bias Suit
A former in-house lawyer at insurance giant Allstate has agreed to settle his dispute with the company alleging he was wrongfully fired because his doctor said he could no longer work on trials because of heart issues.
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May 31, 2024
Robins Kaplan Can't Escape Sanction Over Dropbox Access
A New York state appeals court has upheld the $156,000 sanction on litigation funding firm KrunchCash and its counsel Robins Kaplan LLP for poking through an opposing party's Dropbox database that was accidentally shared in a $10 million suit, finding that they knew or should have known it was privileged information.
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May 31, 2024
Del. Chancery Court Issues Another Round Of Rule Changes
Delaware's nationally important Chancery Court on Friday announced its latest round of revisions to modernize its rules to more closely align with federal civil procedure rules and make them more user-friendly for litigants.
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May 31, 2024
Del. Chancellor Questions 'Rush' To Amend Corporation Law
Weeks before the Delaware State Bar Association sent state lawmakers a draft bill explicitly allowing corporations to broadly cede some governance rights to chosen stockholders, Chancellor Kathaleen St. J. McCormick of Delaware Chancery Court made an unprecedented, direct appeal to think twice.
Expert Analysis
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What Cos. Are Reporting Under New SEC Cybersecurity Rule
Four months after its effective date, 14 companies have made disclosures under the U.S. Securities and Exchange Commission's mandatory cybersecurity incident reporting rule, and some early trends are emerging, including a possible rush to file, say attorneys at Debevoise.
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10 Tips For ESG Disclosure Compliance In Private Funds
Excerpt from Practical Guidance
As regulators increase scrutiny of misleading claims about environmental, social and governance investments, private fund sponsors should consider several practical tips for communicating accurately with potential investors, drafting comprehensive disclosures and establishing internal policies that can keep pace with evolving compliance requirements, says Jonathan Rash at Ropes & Gray.
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The Practical Effects Of Justices' Arbitration Exemption Ruling
The U.S. Supreme Court's recent decision in Bissonnette v. LePage Bakeries, that a transportation worker need not work in the transportation industry to be exempt from the Federal Arbitration Act, may negatively affect employers' efforts to mitigate class action risk via arbitration agreement enforcement, say Charles Schoenwetter and Eric Olson at Bowman and Brooke.
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Highlights From The 2024 ABA Antitrust Spring Meeting
U.S. merger enforcement and cartels figured heavily in this year's American Bar Association spring antitrust meeting, where one key takeaway included news that the Federal Trade Commission's anticipated changes to the Hart-Scott-Rodino form may be less dramatic than many originally feared, say attorneys at Freshfields.
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What FERC's Disclosure Demands Mean For Cos., Investors
Two recent Federal Energy Regulatory Commission orders reflect the commission's increasingly meticulous approach to reviewing corporate structures in applications for approval of proposed consolidations, acquisitions or changes in control — putting the onus on the regulated community to track and comply with ever-more-burdensome disclosure requirements, say attorneys at Willkie.
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Why Corporate DEI Challenges Increasingly Cite Section 1981
As legal challenges to corporate diversity, equity and inclusion initiatives increase in the wake of the U.S. Supreme Court's ruling on race-conscious college admissions last year, Section 1981 of the Civil Rights Act is supplanting Title VII as conservative activist groups' weapon of choice, say Mike Delikat and Tierra Piens at Orrick.
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How Duty Of Candor Figures In USPTO AI Ethics Guidance
The duty of candor and good faith is an important part of the artificial intelligence ethics guidance issued last week by the U.S. Patent and Trademark Office, and serious consequences can visit patent and trademark applicants who violate that duty, not just their attorneys and agents, says Michael Cicero at Taylor English.
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Corp. Transparency Act Could Survive 11th Circ. Several Ways
If the Eleventh Circuit upholds an Alabama federal court’s injunction against the Corporate Transparency Act, the anti-money laundering law could persist as a narrower version that could moot some constitutional challenges, but these remedies would likely generate additional regulatory or statutory ambiguities that would result in further litigation, say attorneys at Perkins Coie.
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Del. Match.com Ruling Maintains Precedent In Time Of Change
Despite speculation that the Delaware Supreme Court could drive away corporations if it lowered the bar for business judgment review in its Match.com stockholder ruling, the court broke its recent run of controversial precedent-busting decisions by upholding, and arguably strengthening, minority stockholder protections against controller coercion, say Renee Zaytsev and Marc Ayala at Boies Schiller.
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The Future Of BIPA Insurance Litigation After Visual Pak
A recent Illinois appellate court decision, National Fire Insurance v. Visual Pak, may have altered the future of insurance litigation under the state's Biometric Information Privacy Act by diametrically opposing a prominent Seventh Circuit ruling that found insurance coverage for violations of the act, say attorneys at Jenner & Block.
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Macquarie Ruling Raises The Bar For Securities Fraud Claims
The U.S. Supreme Court's decision last week in Macquarie Infrastructure v. Moab Partners — holding that a U.S. Securities and Exchange Commission rule does not forbid omissions in company disclosures unless they render other statements false — is a major setback for plaintiffs pursuing securities fraud claims against corporations, say attorneys at Skadden.
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First 10b5-1 Insider Trading Case Raises Compliance Issues
The ongoing case against former Ontrak CEO Terren Peizer is the U.S. Department of Justice's first insider trading prosecution based primarily on the filing of 10b5-1 plans, and has important takeaways for attorneys reviewing corporate policies on the possession of material nonpublic information, say attorneys at Cadwalader.
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Tenn. Law Protecting Artists From AI Raises Novel Issues
Tennessee recently enacted a law that extends the right of publicity protection to individuals' voices in an attempt to control the proliferation of artificial intelligence in the music industry, presenting fascinating questions about the First Amendment, the fair use doctrine and more, say attorneys at Davis Wright.
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Consumer Privacy Takeaways From FTC Extraterritorial Action
With what appears to be its first privacy-related consent agreement with a non-U.S. business, the Federal Trade Commission establishes that its reach is extraterritorial and that consumer internet browsing data is sensitive data, and there are lessons for any multinational business that handles consumer information, say Olivia Greer and Alexis Bello at Weil.
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Assessing Work Rules After NLRB Handbook Ruling
The National Labor Relations Board's Stericycle decision last year sparked uncertainty surrounding whether historically acceptable work rules remain lawful — but employers can use a two-step analysis to assess whether to implement a given rule and how to do so in a compliant manner, say attorneys at Seyfarth.